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SL Green Arranges Construction Financing for the Residential Project at Midtown West.

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The largest office landlord in the city of New York, SL Green Realty Corp. has just announced a sizeable mezzanine loan for a residential rental project of significant size in Manhattan.

New York City, September 21, 2014

By Indranil Bhattacharjee
September 21, 2014

SL Green Realty Corp. proudly announces a mezzanine loan worth $50 million to The Moinian Group. This financing will be utilized for a large residential rental project planned at Manhattan’s 605 West 42nd Street.

Apart from this mezzanine loan, SL Green has also played a leading role in procuring credit enhancements from Union Labor Life Insurance Company (ULLICO) and Bank of China to facilitate the closure of a loan amounting to $539 million with the New York State Housing Finance Agency. The company’s agreement with The Moinian Group provides them the option of acquiring up to 20% stake on completion of the property.

This project happens to be one amongst many that are planned to be executed over a period of a decade in the Midtown West development area in New York. Comprising of a tower with the area of 1.16 million-square-foot, the project will feature 1,174 apartments for rental purpose.

Talking about the company’s latest financial transaction to support this project, the Co-Chief Investment Officer of SL Green David Schonbraun says, “This transaction demonstrates the breadth, depth and importance of the relationships SL Green has cultivated over the years through our commercial, residential and lending platforms. It also brings to the forefront our ability to creatively coordinate an investment vehicle designed to meet the needs of all parties involved. We are extremely happy to once again partner with The Moinian Group, Bank of China, and ULLICO and we anticipate that our track record of successful ventures with these partners will continue with this transaction.”